Western & Oriental buys incentive firm
AIM-listed specialist travel group Western & Oriental has acquired a conference and incentive travel business.
The company is buying Yorkshire-based Travel Management Team for an initial £270,000, plus £62,539 for the net assets of the business. A further £250,000 wil be payable depending on performance for the period ending June 30, 2007.
Travel Management Team, described as profitable in the 12 months to last June, will complement the conference and incentive business run by Lynton Cooper acquired last month, increasing the overall scale and reach of the organisation.
The latest deal follows the acquisition of Ranch America and adds to a brand portfolio which includes Regent Holidays and The Mediterranean Experience.
W&O chairman David Howell, a former director at lastminute.com and First Choice, said: “The acquisition of this quality business follows hot on the heels of the acquisitions of Ranch America and Lynton Cooper announced at the time of our IPO in March 2006 and is another illustration of our strategic aim to lead consolidation within the luxury travel sector of the market.
“Travel Management Team brings additional scale and, through its exclusive relationships, will provide the group with an ability to offer our existing luxury travel product to a wider audience.”
Report by Phil Davies
Phil Davies
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